30-year mortgage rate rises to 7 1/2-year high

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Interest rates on U.S. 30-year fixed-rate mortgages climbed to their highest in more than seven years in step with a rise in bond yields following an upbeat October jobs report and on pressure from this week’s $83 billion Treasury supply, Freddie Mac said on Thursday.

Borrowing costs on 30-year mortgages, the most widely held home loan type in the United States, averaged 4.94 percent in the week ended Nov. 8, which was the highest since March 2011. They averaged 4.83 percent the week before, the mortgage finance agency said.

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